Azerbaijan gets first bonus within new agreement on Azeri-Chirag-Gunashli

30.01.2018,16:53

January 30, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) received the first bonus payment within the framework of the new agreement on development of Azerbaijan’s oilfield block Azeri-Chirag-Gunashli (ACG).

SOFAZ reports that the amount of payments amounted to $450 million.

In accord with the agreement for the eight-year period the foreign partners will pay the bonuses for $3.6 bn to SOFAZ.

The contract for ACG development was signed in 1994. The new agreement on the ACG for the period until 2050 was signed in Baku on 14 September 2017.